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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6077
Introduced 2/6/2004, by Tom Cross SYNOPSIS AS INTRODUCED:
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Amends the Illinois Finance Authority Act. Makes technical changes to a
Section concerning definitions.
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A BILL FOR
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HB6077 |
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LRB093 15993 SJM 41617 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by |
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| changing Section
805-10 as follows:
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| (20 ILCS 3501/805-10)
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| Sec. 805-10. Definitions. The following terms, whenever |
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| used or referred
to in this Article, shall have the following |
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| meanings ascribed to them, except
where the context clearly |
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| requires otherwise:
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| (a) "Financial Institution" means a financial institution |
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| that
which
is a trust
company, a bank, a savings bank, a credit |
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| union, an investment bank, a broker,
an investment trust, a |
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| pension fund, a building and loan association, a savings
and |
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| loan association, an insurance company, or any other |
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| institution acceptable
to the Authority, authorized to do |
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| business in the State and approved by the
Authority to insure |
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| bonds or loans for industrial projects authorized by this
Act.
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| (b) "Participating lender" means any trust company, bank, |
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| savings bank,
credit
union, investment bank, broker, |
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| investment trust, pension fund, building and
loan association, |
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| savings and loan association, insurance company or other
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| institution approved by the Authority that
which assumes a |
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| portion of
the risk on a
loan for an industrial project as |
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| provided in
Section 805-30 of this Act.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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